This lately diversified Motherson company is ready to give a bullish move in coming week up to a level of 85.45. Daily chart has already given breakout from its resistance area, further zooming-in in hourly timeframe, shows breakout from cup & handle pattern with a gap-up. With auto sector looking bullish, it only further confirms the strength of up-move.
Motherson sumi stock heading towards harmonic support
Stop Loss:- 119.55 (closing basis)
first target gap filling
******whatever charts or levels sharing here or on any other platforms are just for educational purpose only, Not A Recommendation To Buy Or Sell. Please do your own analysis before taking any trade on them. We are not...
1) On 1hr time frame, we can see it has been trading in 10point range from 132-142.
Please refer below chart : 1hr time frame.
2) On 15min time frame we can see it is at the support channel. There can be chance if it takes support from it then we can see an buying but remember immediate breakout level is 142.
But if it...
On Daily Time frame it has broken 100DMA and and still trading below 100DMA since last 2 days.
It has trapped most of retail traders with their own sentiment that it will shoot up like a rocket on Result day like it did in previous result day.
But going in Market with sentiment is always risky.
Right now it is in Critical Zone between 220-226...
Chart is self explanatory about positional trade setup on buy side only.
Target and levels are given on chart.
If you have any doubt or suggestion, do comment.
My personal view is bullish on MOTHERSUMI.
This is for Positional Trade
Mothersumi is forming double bottom pattern same like it did before.
I have marked the formation of double bottom pattern and also the previous formation of it.
You can take position once the neckline will get tested for support. And then it will be easy target of 35-40 points up move in just couple of days....
There is a rounding pattern formation in Motherson Sumi. Go through the chart, it is self-explanatory. I'm long on this stock as fundamentally also it is very strong. The results are on 4-6-21. So keep it on your watchlist.
Feel free to share any reviews or feedbacks.
Disclaimer: This analysis is only for educational purposes.